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Risk and Rationality : Uncovering Heterogeneity in Probability Distortion
Bruhin, Adrian; Fehr-Duda, Helga; Epper, Thomas - 2009
It has long been recognized that there is considerable heterogeneity in individual risk taking behavior but little is known about the distribution of risk taking types. We present a parsimonious characterization of risk taking behavior by estimating a finite mixture regression model for three...
Persistent link: https://www.econbiz.de/10014207351
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Drivers of Academic Research and Patenting in India: Econometric Estimation of the Research Production Function
Ray, Amit Shovon; Saha, Sabyasachi - 2010
India. Academic research is conceptualised as a research production process where research inputs (like research time and …. Our results clearly identify several drivers of academic research and patenting in India, in terms of faculty background … India. In particular, we argue that putting in place institutional structures will not serve the purpose without addressing …
Persistent link: https://www.econbiz.de/10011807653
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Capital structure decisions in family firms: empirical evidence from a bank-based economy
Ampenberger, Markus; Schmid, Thomas; Achleitner, Ann-Kristin - 2009
This study examines how family firm characteristics affect capital structure decisions. In our analysis we disentangle the influence of three distinct components of a family firm: ownership, supervisory and management board activities by the founding family. Thereby, we use a unique panel...
Persistent link: https://www.econbiz.de/10010305690
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Considering the shareholder perspective: value-based management systems and stock market performance
Rapp, Marc Steffen; Schellong, Daniel A.; Schmidt, … - 2010
We empirically study the use of value-based management systems in listed German firms and examine implications for firms' stock market performance. Using a novel, hand-collected data set covering 1,083 firm years from 2002 to 2008, we find that value-based management systems become increasingly...
Persistent link: https://www.econbiz.de/10010305697
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Aktienbasierte Langfristanreize im Rahmen der Vorstandsverguetung: Evidenz auf Basis Deutscher Prime Standard Unternehmen
Rapp, Marc Steffen; Schaller, Philipp; Wolff, Michael - 2009
While in the US stock-based incentives are commonly used since the 50s of the last century, in Germany they were invented only some ten years ago. Even in 1996 firms faced considerable regulatory difficulties when willing to grant such incentives. In the meantime the legal environment has...
Persistent link: https://www.econbiz.de/10010305700
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Controlling shareholders and payout policy: do founding families have a special 'taste for dividends'?
Schmid, Thomas; Ampenberger, Markus; Kaserer, Christoph; … - 2010
Around the world (with the U.S. and U.K. as exceptions) concentrated ownership structures and controlling shareholders are predominant even among listed firms. We provide novel empirical evidence how such controlling shareholders, in particular founding families, affect payout policy decisions....
Persistent link: https://www.econbiz.de/10010305703
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Loss of control vs. risk reduction: decision factors for hiring non-family CFOs in family firms
Lutz, Eva; Schraml, Stephanie; Achleitner, Ann-Kristin - 2010
Objectives: We examine decision factors of family firm owners for hiring a non-family Chief Financial Officer (CFO). We explore the perceptions of family firm owners towards external managers by analyzing how their family-specific and company-specific goals relate to the employment of a...
Persistent link: https://www.econbiz.de/10010305711
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Do corporate governance motives drive hedge funds and private equity activities?
Achleitner, Ann-Kristin; Betzer, André; Gider, Jasmin - 2008
We address the question of whether hedge fund and private equity investments in public firms are motivated by corporate governance improvements. As opposed to traditional financial investors both HF and PE are likely to have the incentives to alleviate agency conflicts. However, against the...
Persistent link: https://www.econbiz.de/10010305724
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The German entrepreneurial index (GEX®): a primer on an ownership-based style index in Germany
Achleitner, Ann-Kristin; Kaserer, Christoph; … - 2009
Recent research indicates that the majority of listed firms in Germany (and also in many other countries around the world) have a dominant owner rather than being widely-held. Hence, owner-dominated firms comprise an important subset of listed companies. This article introduces the concept of an...
Persistent link: https://www.econbiz.de/10010305735
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The evolution of bank boards of directors in New York, 1840-1950
White, Eugene N.; Bodenhorn, Howard - 2014
Contemporary bank governance is criticized for manager-dominated (insider) boards of directors, but from the beginning of the nineteenth century, bank presidents appear also to have operated as chairmen of the boards of directors. However, the managers were constrained by a variety of rules that...
Persistent link: https://www.econbiz.de/10011396829